what is an equity line

A home equity loan is a type of second mortgage.Your first mortgage is the one you used to purchase the property, but you can place additional loans against the home as well if you’ve built up enough equity.Home equity loans allow you to borrow against your home’s value over the amount of any outstanding mortgages against the property.

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If you're eager to renovate or remodel your home but don't quite have enough savings to cover it, you might think a home equity line of credit (or HELOC) could .

But in the meantime, while you’re living there, that gain is locked up, out of reach – unless you access the equity with a home equity loan or a home equity line of credit, known as a HELOC.

Instead, you can borrow against that value with a home equity loan or line of credit. A home equity loan will provide you a lump sum; a HELOC allows you to draw on the available balance as you wish.

Home Equity Line of Credit: 3.99% introductory annual Percentage Rate (APR) is available on Home Equity Lines of Credit with an 80% loan-to-value (LTV) or less. The introductory interest rate will be fixed at 3.99% during the 12-month Introductory Period.

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"A home equity line of credit is better-suited to home improvement projects that will be incurred in stages, or for college tuition payments that will be paid over time, rather than the lump-sum.

Equity financing comes with serious strings. if you have access to debt financing for periods in which you need bridge capital). The bottom line: Try to give away as little as you can – both in.

Home Equity Line of Credit (HELOC) A HELOC amounts to an open checkbook for people with equity in their home. However, there is a huge risk – foreclosing on your house – if you can’t repay the loan when it comes due.